Florida’s Financial Breakdown
The outcome was a $23.4 billion surplus, which breaks down to $2,900 per taxpayer.Florida had $108.1 billion available to pay $84.7 billion worth of bills.
The data in this report is derived from Florida’s audited 2024 Annual Comprehensive Financial Report and its retirement systems’ reports.
To explore prior years or compare financial, demographic, and economic data across other states and cities, visit Data-Z.org.
Temporary pandemic-related programs increased Florida’s federal funding starting in 2020, helping provide money to pay its bills. As these programs end and national fiscal pressures rise, federal grants and contributions may return to 2019 levels adjusted for inflation.
If that happens, Florida could lose $11.1 billion in federal funding, which is nearly 8 percent of estimated expenses for the state’s primary government. This shortfall could strain the state’s ability to maintain services, meet obligations, and balance its budget.
Although Florida had less money available in 2024 than the year before, it still ended the year with $23.4 billion more than needed to pay its bills. This resulted in a Taxpayer Surplus™ of $2,900 and earned the state a “B” grade from Truth in Accounting.
Florida’s money available to pay bills declined mainly because more funds became legally restricted for specific uses such as transportation, the Hurricane Catastrophe Fund, and Reemployment Assistance.
These funds support highways, public transit, storm-related insurance claims, and temporary unemployment relief. While vital, these restrictions reduce the resources available for other future obligations and priorities, limiting Florida’s financial flexibility despite serving important public needs.
Is your State on the List?
3 comments:
They should give us that money so to help pay our high property taxes, it would help a lot, we are planning on moving out of this state, the property taxes are too high, taxing us out!
Salaries for state employees are the lowest in the country. Salaries for teachers are near the bottom. State prisons are not air-conditioned and are being staffed by the Florida National Guard. Lines at DMVs are huge. No wonder he has so much surplus money.
Florida does have challenges, no doubt about it. As far as the DMV goes, I made my appointemnet already for December. The claim that DMV lines are huge is more complex due to a shift to an appointment-based system. Wait times can be long for those without an appointment, and some offices no longer accept walk-ins.
Some prisons are air-conditioned but a law passed in 2025 was supposed to require air cooling systems in all inmate housing units, but it allowed units built before July 2025 to install only exhaust fans instead.
And It is no longer accurate to say the Florida National Guard is currently staffing prisons. The Guard's deployment ended in June 2025.
And don't forget, we have no state income tax.
Post a Comment